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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10180
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I own a McArthy and Stone one bed flat in Westbourne. .

Customer Question

I own a McArthy and Stone one bed flat in Westbourne.
. Have been here 16 years and very happy. I have three adult children Christopher. 62'. Julie nearly 60 and Jane. 57. Julie has lived in Dubai years with her husband and son. 22. They have their business and grandson has just completed B LL degree in Sheffield and is employed by Emirates National Bank. Julie would like to buy my flat from me and I can live in it and do as I wish with the proceeds, roughly £85.OOO. My beneficiaries in my will are the three siblings equally. Could you please tell me how we could achieve this totally legally.
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.
and thanks Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
Could you please confirm if the property is in a "retirement development" because if it is, there will normally be a restriction in the Lease to say that all owners must be over the age of 60/65 ?
I look forward to hearing from you.
Kind Regards
Al
Customer: replied 1 year ago.
It is a retirement flat 55 and my daughter is 59
Expert:  Aston Lawyer replied 1 year ago.
Dear *****,
Thanks reply.
Firstly, you will need to instruct a Solicitor and Julie will also need to appoint her own Solicitor.
Retirement flat Leases normally allow property to be rented out, provided the occupier is over 55. You or your Solicitor should therefore just check this point before proceeding.
Subject to the above point, your Solicitor will then need to liaise with Julie's Solicitor and prepare the Land Registry Transfer document, which is then signed by all parties, and which is the document that transfers the property to Julie. Upon completion, Julie's Solicitor will forward to your Solicitor the purchase monies and in return, the Transfer will be sent to Julie's Solicitor so that he can register her as the new owner at the Land Registry.
At the same time, it would be prudent separate Tenancy Agreement to be drawn up, granting you the right to remain living in the property.
After completion, you will receive the net proceeds from the Sale and will be free to use them as you so wish.
Your Solicitor is likely to charge approx. £600 plus VAT work, and Julie's solicitor is likely to charge a similar figure.
As regards ***** ***** I note whatever Estate you leave at the date of death is to be divided equally between your 3 children. Obviously it is impossible to say how much money you will indeed leave, and you therefore need to decide whether you are happy 3 children to receive an equal share of whatever is left over.
I hoe this sets out the legal procedure, but please let me know f you require an further clarification.
Kind Regards
AL
Expert:  Aston Lawyer replied 1 year ago.

Margaret,

Can I assist you any further?

Kind Regards

Al

Expert:  Aston Lawyer replied 1 year ago.
Margaret,
Can I assist you any further?
Kind Regards
Al

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